Twin Pines Housing has secured approximately $6 million in funding through the USDA Rural Development’s Multi-Family Housing Preservation and Revitalization Restructuring Program for renovations to The Village at Crafts Hill in West Lebanon. Renovation of the 100 rental units, formerly known as the Pine Tree Lane and Beechwood Lane apartments, will focus on energy efficiency and site work, as well as kitchen, bathroom and flooring upgrades.
“We are excited to receive funding for these essential improvements,” said Andrew Winter, Executive Director for Twin Pines Housing. “The properties were constructed in the mid-1970’s, and are in need of weatherization improvements such as new windows, insulation and siding, as well as upgrades to the electrical and heating systems,” Winter said. The nonprofit developer of affordable housing purchased the 100 apartments at Crafts Hill from its previous owner in November of 2015, when it appeared that the federal rental subsidies for 50 of the units were at risk of being lost.
The USDA award consists of a $5,959,442 loan that will require Twin Pines Housing to charge reduced rents on the property for the next 20 years. The funding ensures that the units will remain affordable while improving living conditions for residents. Renovations are tentatively scheduled to begin this summer and are expected to take 18 months.